Iran’s Oil Exports Doubled with JCPOA Implementation

Iranian President Hassan Rouhani highlighted the outcome of the July 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA), saying that the country’s oil exports have doubled since the deal took effect in January 2016.

“The exports of crude oil and condensates have increased by at least two times compared to the exports before the JCPOA implementation,” Rouhani said in a speech in the western province of Kurdistan.

He further emphasized that the country should continue moving in “this correct direction”, adding that undoubtedly, the Islamic Republic can reach the highest peaks in the world with “unity and empathy”.

Last month, CEO of the National Iranian Oil Company (NIOC) Ali Kardor said that all of the problems in the way of insurance for transportation of Iranian oil and petroleum products have been resolved following the lifting of anti-Tehran sanctions.

The sanctions were terminated after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of the comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16, 2016.

Kardor has also said the country’s oil production would surpass 4 million barrels a day by the end of March.

Iran’s production stood at about 3.7 million barrels a day in the last quarter of 2016, according to independent sources used by OPEC.